moomoo 6.8% p.a. savings rate

[jaetii]

@soban Yeahhhh budddy

 

[darcy23]

@jaetii In 1990 the Pyramid building society was offering higher savings rates than the big 4 banks too… until they weren’t.

Depositors with funds in the building society retrieved 51 cents in the dollar - the last cheque were sent out over 15 years after it collapsed.

Higher returns means higher risk. Make sure you understand the risk.

Hope it works out for everyone - just don’t pretend it’s the same risk as putting your $$$ in ubank or ing HISA.

 

[seekingtruechurch]

@jaetii Just redrew the full balance of my 6% home loan and invested it.....not, lol.

 

[danmshel]

@jaetii Not worth it.

 

[romasliv]

@jaetii Yeah, pouring in roughly 900-1k per day, have 4k in there. I posted this:

"From my understanding it's an unsecured credit provider but backed by popular capital funds and regulated by Australian Securities and Investments Commission. You can research online of the risks involved. Existing members get 30-60 days depending on criteria satisfied."

https://www.ozbargain.com.au/node/833447

https://www.google.com/search?q=reddit+moomoo+cash+risk

 

[romasliv]

@jaetii Me Go is at 5.55% and ING 5.5% with criteria. uBank has 5.1% with just a $200 deposit per month but has a lot of outages.

 

[romasliv]

@jaetii Seems I am not getting the 6.8% rate accrued I did all the conditions as an existing user and supplied my TFN, chatting to support now.

 

[romasliv]

@jaetii No PayID to transfer out.